Research On The Impact Of Tax Incentives On The Upgrading Of Advanced Manufacturing Enterprises

The advanced manufacturing industry is the most innovative field in the manufacturing industry.Promoting the development of the advanced manufacturing industry can provide assurance for the high-quality development of the manufacturing industry,and can also provide important impetus for achieving the goal of becoming a powerful manufacturing country.The report of the 20 th National Congress of the Communist Party of China proposes to adhere to the focus of economic development on the real economy,promote new industrialization,and accelerate the construction of a manufacturing power,a quality power,a aerospace power,a transportation power,a network power,and a digital China.The realization of these goals requires advanced manufacturing as the starting point.Tax preferential policies are one of the important tools for the government to regulate macroeconomic development,which can effectively promote the realization of economic goals.Since 2015,China has made unprecedented efforts to reduce taxes and fees.Represented by value-added tax and corporate income tax,a series of preferential tax policies have been introduced to promote the development of advanced manufacturing enterprises,vigorously empowering the development of China’s advanced manufacturing industry.Against the backdrop of national tax and fee reductions,the impact of the tax incentives that have been introduced on the development of advanced manufacturing industries has received widespread attention from society and academia.Based on this,the impact of tax incentives on innovation and growth upgrading of advanced manufacturing enterprises was discussed from two perspectives: value-added tax incentives and income tax incentives.Firstly,the thesis starts with the current development situation of China’s advanced manufacturing industry,sorts out the preferential tax policies for the advanced manufacturing industry,and theoretically analyzes the impact mechanism of tax incentives on the upgrading of advanced manufacturing enterprises,including four perspectives:enterprise capital supply,research and development risks and costs,expected net income,and enterprise investment activities.Then,the thesis selects the data of A-share advanced manufacturing listed companies from2015 to 2021 as a sample and constructs a fixed effect model for regression analysis to study the relationship between tax incentives and the upgrading of advanced manufacturing enterprises.Research findings:(1)Tax incentives can promote the upgrading of advanced manufacturing enterprises.Compared to income tax incentives,value-added tax incentives can more promote the innovation and growth of advanced manufacturing enterprises.(2)The incentive effects of tax incentives on innovation and growth upgrading of manufacturing enterprises of different nature are heterogeneous.(3)The incentive effects of tax incentives on innovation and growth upgrading of advanced manufacturing enterprises of different scales are heterogeneous.Based on the research conclusions,the thesis proposes corresponding policy recommendations,including: first,increase the value-added tax incentives for advanced manufacturing industries to enhance implementation efficiency;Secondly,it is necessary to improve the current preferential tax policies guided by stimulating innovative output;Implementing differentiated preferential tax policies;Finally,it is necessary to enhance the linkage between tax preferential policies and other relevant policies.